Iron Stone Wraps Up Philadelphia Life Science Revamp
The 180,000-square-foot area of upgraded lab space is up for lease.
Iron Stone Real Estate Partners has completed the renovation of 180,000 square feet of space at Race Street Labs, a life science facility in Philadelphia. The site comprises two floors at the approximately 600,000-square-foot property. Both floors offer lab facilities. Cushman & Wakefield is marketing leases for the space.
Race Street Labs, located at 1421 Race St., has 580,000 square feet already leased. The newly upgraded space being marketed includes 13 floors of customizable built-in lab and office space, two full floors of speculative suites, HVAC climate systems, a backup generator, waste risers and circulating water facilities. Common-area amenities include security services, a ground-floor lounge area, conference rooms, food services, indoor bicycle storage facilities, shower and changing rooms, on-site lab management services and ample parking space.
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The upgraded asset is in Philadelphia’s Center City, near multiple subway and bus stations and close to the Philadelphia Convention Center, the University of Pennsylvania and Drexel University College of Medicine. The property is 11 miles from Philadelphia International Airport.
Cushman & Wakefield’s Paul Garvey and Brian Young are the leasing brokers in charge of marketing the property. The facility is one of the few purpose-built life science facilities in Philadelphia.
A life science boom in Philadelphia
Philadelphia is a rising life science leader. Other life science projects underway in Philadelphia include Breakthrough Properties’ 223,000-square-foot project, also in the Center City district. Corebridge Financial provided $130 million in construction financing for 2300 Market by Breakthrough, which is expected to deliver in the summer of 2024.
In February, SkyREM announced plans to build a $250 million mixed-use project on the city’s historic Quartermaster site. Those plans include 1 million square feet of dry and wet lab space for bio-manufacturing and R&D companies.
